| Can Taxpayer's expect to get a Tax Refund from their CA Individual Income Tax Return?
It seems that the "California lawmakers were unable to solve the state's $24.3 billion deficit Friday as the state controller prepares to hand out roughly $3 billion in IOUs to vendors, low-income seniors and others."
Without a new budget, California Controller John Chiang said Friday that "he will have to start issuing IOUs. Students expecting college grants and low-income seniors would not get paid, along with vendors providing services to the state."
So, it seems that Taxpayers who filed their CA Tax Returns later in the year and were entitled to a tax refund may instead receive only an IOU! Hopefully, the State can quickly solve their budget impasse and eventually mail out the tax refund checks within a few months.
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